Connect with us

Company News

Unity Bank Reports N57 Billion Gross Income in 2022

The company saw credit lose expense to the tune of N1.1 billion in 2022

Published

on

Unity bank - Investors King

Unity Bank reported 16% increase in gross income for the year to N57 billion in the fiscal year 2022 from the N49 billion in the previous year.

During the period, the bank also reported interest and similar income at N49 billion in 2022 from the N43 billion in 2021, a 14% increase driven by loan and advances to customers.

Similarly, interest and similar expenses was up by 28% to stand at N29 billion in 2022 compared to the N23  billion in the previous year as ‘due to banks’ and ‘due to customers’ increased while the net interest income valued N19 billion from N20 billion in previous year, Investors King reports.

Fee and commission income totaled N7.7 billion compared to the N6.1 billion in the year before to represent 26% rise for the period owing to more Credit related fees and commission and E-Banking Income for the period.

However, other operating income was down by 10% to N886 million from N986 million while total operating income advanced by 6% to N27 billion in 2021 from N26 billion in 2022.

Also, the company saw credit lose expense to the tune of N1.1 billion in 2022 compared to the N2.6 billion in 2021. This shows a decline of N55% for the period.

Net operating income valued N29 billion for the period and total operating expenses for 2022 was N27 billion. Profit before tax, however, declined by 56% to N1.5 billion in 2022 compared to N3.3 billion in the year before.

The value of the bank’s total asset for the period declined by 5% from N539 billion to N511 billion in 2022 as cash and bank balances with central bank, due from banks, other assets decline. Meanwhile, intangible asset grew by 1019% during the period.

Its total liabilities declined by 3% to N787 billion from N815 billion in 2022 led by decline in ‘due to other banks’ and current tax liability and other items.

 

 

Continue Reading
Comments

Company News

Unilever Nigeria to Focus on Higher Growth Opportunities by Exiting Home Care and Skin Cleansing Markets

Published

on

Unilever

Unilever Nigeria Plc, one of the leading Fast-Moving Consumer Goods (FMCG) companies, has announced its decision to exit the home care and skin cleansing markets.

The company disclosed that the decision would only affect three of its brands – OMO, Sunlight, and Lux. According to Unilever Nigeria, the move is aimed at accelerating the growth of the organisation and sustaining profitability.

The restructuring of Unilever Nigeria’s business model is in response to the tough business environment in Nigeria, where many organisations and individuals have found it difficult to access cash due to the Naira redesign policy of the Central Bank of Nigeria (CBN).

Unilever Nigeria’s Managing Director, Mr Carl Cruz, noted that the offloading of the home care and skin cleansing portfolios would enable the company to “concentrate on higher growth opportunities.”

Unilever Nigeria has a strong competition in the business categories it is exiting. However, the company’s products are also market leaders in the sector. Mr Cruz added that the company was repurposing its portfolio by gradually exiting two categories, home care and skin cleansing, affecting only three brands (OMO, Sunlight, and Lux).

This would allow Unilever Nigeria to drive the rest of its brand portfolio for growth into the future and strengthen business operations with measures to digitize and simplify processes.

Unilever Nigeria is a truly Nigerian business and the oldest serving manufacturer in the country. The company’s decision to exit the home care and skin cleansing markets is in line with its commitment to adapt to changing market circumstances and reposition itself to better meet the needs of its consumers, shareholders, and employees.

Mr Cruz said, “By making these changes, we will unleash the sustained and profitable growth we need to be here for the next 100 years as well.”

Continue Reading

Merger and Acquisition

Access Bank Zambia Granted Approval for Atlas Mara Zambia Merger

Published

on

Access bank

Access Holdings Plc has announced that its subsidiary, Access Bank Zambia Limited, has received final regulatory approval from the Central Bank of Zambia for the acquisition and merger of African Banking Corporation Zambia Limited (Atlas Mara Zambia).

The move is a significant step towards the creation of one of the top five banks in Zambia.

Sunday Ekwochi, Company Secretary of Access Holdings, stated that the latest development is a big step towards the earlier announcement made on October 25, 2021.

This approval comes after the Central Bank of Nigeria (CBN) and Common Market for Eastern and Southern Africa Competition Commission granted their “no objection” to the transaction in 2022.

Access Zambia will now begin the process of integrating and merging Atlas Mara Zambia into its existing operations. The merger is expected to boost Access Bank Zambia’s position in the Zambian banking sector and create more opportunities for its customers.

Access Holdings Plc is committed to expanding its operations and presence in Africa, and this acquisition and merger is a testament to its efforts in achieving that goal. The company believes that this move will strengthen its position as a leading financial services provider in the region.

Dr. Herbert Wigwe, Group Chief Executive Access Holdings, while commenting on the transaction, said: “The transaction builds on our earlier acquisition and merger of Cavmont Bank Plc into Access Bank Zambia and underscores our resolve to strengthen our presence in Zambia, a key African market that fits into our strategic focus on geographic earnings growth and diversification”.

Continue Reading

Merger and Acquisition

First Citizens BancShares Acquires Silicon Valley Bank’s Deposits and Loans in FDIC-Assisted Deal

Published

on

Silicon Valley Bank

On Monday, First Citizens BancShares Inc announced that it had acquired the deposits and loans of Silicon Valley Bank (SVB) following its failure earlier this month.

This acquisition marks a significant step forward in addressing the global financial markets’ ongoing crisis of confidence.

As part of the deal, First Citizens BancShares will assume SVB’s assets including $110 billion in assets, $56 billion in deposits, and $72 billion in loans. The Federal Deposit Insurance Corporation (FDIC), which took control of SVB, will receive equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500 million.

First Citizens BancShares described itself as having completed more FDIC-assisted transactions since 2009 than any other bank. It believes that the combined company will be resilient with a diverse loan portfolio and deposit base.

The bank’s statement also noted that its prudent risk management approach would continue to protect customers and stockholders through all economic cycles and market conditions.

In addition to the acquisition, First Citizens BancShares will receive a line of credit from the FDIC for contingent liquidity purposes. Again, the bank will have an agreement with the regulator to share some losses on commercial loans to provide further downside protection against potential credit losses.

While analysts said the move was positive for financial stability and the venture capital industry, they noted that it only addressed the issue of deposits leaving smaller banks for larger banks or money market funds up to a point.

Redmond Wong, Greater China market strategist at Saxo Markets, said that “First Citizens Bank’s acquisition of the SVB loan book and deposits does not add much to solve the number one issue that the U.S. banking system is now facing.”

SVB’s failure was the largest bank to fail since the 2008 financial crisis. Its closure on March 10th caused massive market disruption and heightened stresses across the banking sector globally. The acquisition of its deposits and loans by First Citizens BancShares is a step towards stabilizing the sector and restoring confidence in the global financial markets.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending